😌 How to easily pay off your mortgage 7 years faster!

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By dividing your monthly mortgage by 4 and paying weekly instead of monthly, you'll be making 13 monthly payments a year, which will drastically reduce your total interest payments over the duration of the loan and will shorten your mortgage duration from 30 years to just 26 years!

Sean Pan

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💸 Would you pay off your mortgage early?

seanlovesrealestate

"That's interesting knowledge, we'll stick with monthly payments"

GoldenMiko

I wonder how much time and interest you would shave off from the mortgage if you round up the monthly payment to $3000 a month?

seangutierrez

I do this too. I go a little further. I round up my monthly payment by about $150, then divide by 4, then round up again this time to the nearest $25 increment, and pay that weekly.
When my mortgage goes up every year, its a heck of a lot easier pill to swallow with the cushioning in my payments/ budgeting.
I read somewhere that it's better to save the extra $ to the side and make a lump sum principal payment with the excess over the minimum payment its just a heII of a lot easier to let the autopayments do the work. (As in, my bank won't specifically apply my excess payment to my principal balance on my house. They apply it at the same [ratio?] as the typical payment. I might have the terminology off but thats the jist of it. But now that makes me wonder if there's also excess going into my escrow. - Then again, I don't think its worth the extra fuss on my part to look into it.)

rachaelreczenski

I don't get it. If you want to pay the house faster, get the 20 years loan it has lower interest

Ducky-

Thanks for Sean for telling us failures what its like buying houses/real estate but we all know these 3 generations are not getting shit 🔥

Colten_Mag

I usually don’t understand but when I actually found out what shortage and loan is it makes a lot of sense

HuzaifaRehman-ymwu

why not paying everyday or even better every second

createrbart

Very wild concept displayed in this video "pay more each month and pay less total" woooow, lifechanging

jonas.r

That would be great, but my mortgage holder said that they would not apply it to my payment biweekly which is what I wanted. They will just save up the payments and pay it on the schedule date. Never had I'll lender, tell me that before.

karenstasik